Miller Energy Resources Inc. has reached a tentative agreement with the U.S. Securities and Exchange Commission‘s enforcement division to settle charges that it overvalued Alaska upstream assets (see Daily GPI, Aug. 7). SEC staff has recommended a penalty of $5 million to be paid over three years, Miller said in a regulatory filing. The company would neither admit nor deny guilt and would agree to cease and desist from future violations if the agreement is approved. In the same filing, Miller said it is still in talks to refinance debt, which has delayed the release of its latest financial disclosures indefinitely. Miller shares have been delisted from the New York Stock Exchange and have been trading over the counter at around 16 cents/share.
The Pennsylvania Public Utility Commission (PUC) has unanimously finalized recommendations that would provide consumers with more information about their natural gas supplier on their bills. In April, the PUC approved the proposal, which was put forward by its Office of Competitive Market Oversightas part of broader efforts to improve the state’s retail natural gas market (see Daily GPI, April 24). The changes will require the supplier to include its logo on the bill; a shopping information box so customers have more information about suppliers in the state; the customer’s rate schedule and contract expiration date, and more space for billing messages. Similar changes were implemented last year for the state’s electricity providers.
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